The NBA Board of Governors is poised to formally approve the sale of the New Orleans Hornets to Tom Benson shortly after the Louisiana legislature ratifies the state's capital outlay bill which is expected to include monies for improvements to New Orleans Arena, a source with knowledge of the league's timetable said Thursday.

The Associated PressThe NBA appears to be poised to approve Tom Benson as the owner of the New Orleans Hornets.

Since Benson signed a purchase agreement with the NBA on April 13, the NBA has been conducting a vetting process while the legislature has continued its work involving approval of a Quality Jobs Tax extension for the team, as well as debating funding capital modifications in the Arena, both items aimed at eliminating annual subsidy payments to the franchise.

In turn, the Hornets will agree to an escape-proof lease with the state that runs through the 2024 season. The tax measure has been approved and signed by Gov. Bobby Jindal.

Approval of the capital outlay bill is the last impediment before the NBA endorses Benson's purchase.

The source said as soon as the legislature passes the capital outlay bill with inclusion of funds for New Orleans Arena, the league will approve the sale to Benson for the price of $338 million.

By law, the legislature must conclude its business for this session by 6 p.m. Monday.

The NBA would likely then convene a conference call of its governors, possibly on Tuesday, to approve the Hornets' sale.

Jindal's signature is the only requirement necessary to approve the Hornets' new lease with the state. It does not require legislative approval.

HB 2, the state's capital improvements package, assed the Senate on Thursday and now must return to the House for amendment approval.

If the House fails to approve the measure, it would return to a conference committee that could begin meeting over the weekend with the hope that the measure would be approved by or before the session ends on Monday evening.